EYES ON THE BANKS

New Zealand Herald, Volume LXXII, Issue 22259, 6 November 1935, Page 15

EYES ON THE BANKS

OBJECTIVES OF LABOUR . \ THE HAMILTON CANDIDATE "ONLY STEALING A DEBT" [from our own correspondent] HAMILTON, Tuesday "The Labour Party is entering this campaign with clean hands," said Mr. C. A. Barrell, Labour candidate for Hamilton, when addressing a meeting of electors in the Frankton Town Hall last evening. Mr. J. S. Anchor presided over a good attendance. Mr. Barrell said he had every respect for his two opponents. Tho Labour Party claimed that tho whole of tho trouble in Now Zealand to-day was a monetary one. The control of the credit of the country was in the hands of the wrong people. The Labour Party claimed that the people who produced the wealth of the country should control its finance. There was no excuse for the poverty that existed, for it was a well-known fact that New Zealand was the richest country in th& world per head. Control By the People

New Zealand producers got more money for their goods in 1935 than they did in 1914. Was it not logical and sound to believe that they should now be better off? The fact was, however, that they were not better off. To remedy the present state of affairs the Labour Party proposed to take control of the monetary system and give tho people who produced the wealth the right to control their wealth. The Labour Party did not intend to become bankers. It had no knowledge of the* technique of banking. It would tako over tho Reserve Bank, and tho banks would be conducted by qualified bankers, just as they were to-day. The banks would be conducted for the people, and not for vested interests. Guaranteed Prices ■ Continuing, Mr. Barrell said he found it difficult to understand why it was tho Government permitted the mighty financial octopus to rob old people, returned soldiers and widows of their pensions. Promises were made to the soldiers before they went to the war, and those promises had been broken, because of tho dictates of vested interests overseas. The Labour Party proposed to determine how much and how little money should be in circulation in New Zealand. Nothing could be done to alleviate distress until this control was secured. Tho present Government ridiculed the Labour Party's suggestion regarding guaranteed prices for farmers. Mr. Barrell said the producers had to pay fixed prices for what they bought, and had a right to know what their receipts would be. The Exchange System

The exchange system, ho said, simply meant taking money out of one pocket and putting it in another and trying to make the farmer believe he was bettor off. The exchange, said Mr. Barrell, was a silly muddle. The speaker disagreed with the Government's policy of setting up boards and commissions, and said it was the business of Parliament to run the country. It had been suggested that if the Labour Party's plans were adopted the people's savings would be stolen. Mr. Barrell said they were already stolen. Every man, woman and child ill the country owed £3OO. for that was what the national debt worked out at. The Labour Party could only steal the debt. Mr. Barrell was accorded a vote of thanks and confidence, and those present pledged thenjselves to support him at the election.

DEMOCRAT DEFECTION CANDIDATE LEAVES PARTY POSITION OF MR. T. LAMONT Mr. T. Lamont, previously announced as the official Democrat candidate for the Roskill seat, stated yesterday that he was no longer a member of the Democrat Political Party. Mr. Lamont said he did not wish to discuss the reasons for severing his connection with the party, nor would he say whether ho would be withdrawing as a candidate for Roskill.

INDEPENDENT ASPIRANT MR. SAMUEL'S MEETINGS [from our own correspondent] PAEROA, Tuesday Large and enthusiastic meetings have characterised the tour of Mr. A. M. Samuel, Independent candidate for Thames, who has given addresses at Hikutaia, Turua, Kerepeehi, Wharepoa, Puriri, Kopuarahi and Nctherton. Mr. Samuel has given an account of his stewardship and his reasons for becoming an independent and also explained the major legislation passed during the last spssion of Parliament. He is in favour of monetary reform, supporting the contention that the amount of money in circulation should equate with production. At almost every meeting expressions of appreciation for his services and motions of thanks and confidence have been carried.